CGI signs major lease with Credit Suisse (DE)

Commerz Grundbesitz-Investmentgesellschaft mbH (CGI) was able to sign yet another lease, covering 10,000 m2 at Junghof Plaza in Franfurt, for hausInvest europa, one of the open-ended property funds it manages.

The new tenant, Credit Suisse (CS), whose lease term begins immediately, will waste no time moving into the building, which is located in Frankfurt's financial district. Credit Suisse is an investment bank with activities in more than 30 countries on 5 continents and at about 70 locations.

According to information provided by CGI, the lease was signed for a rather long-term period while including an option to extend the lease space. In its search for a new location, CS was advised by the international consulting firm of CB Richards, which also brokered the lease agreement with CGI.

The Junghof Plaza office building itself was acquired by CGI for its open-ended property fund, hausInvest europa, as a project development in July of 2002. In subdivides into two building complexes with a combined usable floor space of about 32,000 m2. Current tenants include, among others, JP Morgan Bank with 10,200 m2 in leased office space so far.

Together with the present lease, the building is now rented out to about 70%.

"Signing this lease for our fund object, Junghof Plaza, demonstrates clearly that the Frankfurt real estate market has gathered momentum again. Compared to last year, we are experiencing a significant revitalization on the demand side. We're convinced that this positive trend on the Frankfurt real estate market will continue in 2006", says Dr. Frank Pörschke, Management Spokesman for Commerz Grundbesitz Group.

Source: hausInvest

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